Indiana § 5-28-30-23 Powers in the event of default

Indiana Statutes

§ 5-28-30-23 — Powers in the event of default

Indiana·Title 5 STATE AND LOCAL ADMINISTRATION·Art. 28 INDIANA ECONOMIC DEVELOPMENT·Ch. 30 Industrial Development Loan Guaranty Program

The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to any industrial
development project when a guaranteed loan on the project is clearly
in default and when in the opinion of the authority such an acquisition
is necessary to safeguard the guaranty fund, and sell, or on a temporary
basis, lease or rent the project for any use.

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The corporation may take assignments of
accounts receivable, loans, guarantees, insurance, notes, mortgages,
security agreements securing notes, and other forms of security, attach,
seize, or take title by foreclosure or conveyance to any industrial
development project when a guaranteed loan on the project is clearly
in default and when in the opinion of the authority such an acquisition
is necessary to safeguard the guaranty fund, and sell, or on a temporary
basis, lease or rent the project for any use.

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